CIC Insurance Group Ltd. operates as a micro insurance provider in Kenya that offers general insurance, group life and individual life insurance services. It operates its business through the following segments: General insurance business, Long term insurance business and other businesses. The company provides insurance services to Agriculture, Asset Management, General business, Group life, Individual life, Medical, Micro Insurance and Pension sectors. The Group comprises three subsidiaries namely CIC Life Assurance, CIC General Insurance Ltd, CIC Asset Management Ltd and Takaful Ltd respectively.The company has maintained a Compounded Annual growth rate of 62% over the last 5 years due to good strategies employed in the Underwriting business. CIC is an anchor underwriter of the 10-million-member Co-operative Movement in Kenya which is also a founder member Guaranteeing continuity of business. A niche market that CIC has tapped is in the provision of crop and livestock insurance.
The company expansion strategy is entering new markets in the region including the East and Central parts of Africa such as South Sudan, Rwanda, and Tanzania. Its robust performance over the years has seen it join the constituent securities in the NSE 20 share Index which classifies it as bluechip. CIC Insurance recently announced that it will venture into real estate with a Sh2.8 billion commercial and residential development on its 200 acre parcel in Kiambu county diversyfying its business segments. The company is well capitalized as compared to risks taken thus complying with Regulations and Guidlines that are provided for by the Insurance regulator.
About CIC Insurance Group Ltd
CIC Insurance Group Limited is a provider of insurance and other financial services within and without the Kenyan boarders. The Company operates through three business segments, general insurance business, long term insurance business and other business, and two geographical segments in Kenya, Sudan and Mauritius. The Long term insurance business comprises the underwriting of risks relating to death of an insured person, and includes contracts subject to the payment of premiums for a long term dependent on the termination or continuance of life of an insured person. The General insurance relates to all other categories of insurance business written by it and is analyzed into several sub-classes of business based on the nature of assumed risks. The Other business segment comprises non-insurance related businesses. Its products include CIC Motor Commercial Plus, CIC Academia Plan, CIC Equity Fund, CIC Annuity Plan, CIC Jijenge Savings, CIC Jipange Pension Plan and CIC Medisure-Family.
Insurance (Prop. & Casualty)
Nelson Chege Kuria
Chairman of the Board
Acting Group Chief Executive Officer, Managing Director of CIC General Insurance Limited, Member of the Board of Management
James Njue Njiru
Non-Executive Vice Chairman of the Board
Peter Kipkirui Nyigei
Group Non-Executive Vice Chairman
Group Chief Finance Officer, Member of the Board of Management